The Right Way To Sell In This Market
Under current market conditions where buyers are extremely picky, the best way to go wrong is to continue operating as if the market has not changed since the heydays of 2017 and that buyers are dying to buy your house with auction clearance rates above 80%. After years of being in a seller’s market, the pendulum has certainly swung in favour of buyers now (not to say that we are in a buyer’s market). Finding buyers and making those emotional connections via modern channels where they lurk (just look at the stunning usage numbers below) are critically important so give yourself the best chances of success by choosing your real estate salespersons and examining their marketing plans very carefully. No matter how good the negotiating skills of the real estate salesperson can be, there’ll be no one to negotiate against if there are no interested buyers.
People are sometimes drawn to salespersons that have alot of listings because they think they will have a huge database of active buyers. However, the truth is that those buyers are on their database because they are active and therefore will be actively looking for properties on their own and not loyal to any particular salesperson. What we do need to tease out are those passive buyers that are randomly browsing on their phone and have had no intention of buying till we present and package that home in front of them.
In fact, salespeople with too many listings have two issues.
One is that they simply do not have enough time to dedicate to your listing – every one of us has only 24 hours a day.
Two is a potential conflict of interest. Think of it this way. Assume what the salesperson says is true – that he has lots of buyers because he has 10 listings on the go. Now if a buyer strolls through your property and express any slight objection (for e.g. bathroom looks old), how can you be sure that that salesperson will not quickly show the other listings rather than trying his/her best to sell yours? In other words, the tables can equally be turned on you. It’s of course OK to pick that salesperson. Just be aware of the risks.
And here’s a suggested response for those who say that they have tons of buyers on their books and hence you should give them your listing. Simply ask that agent to sign a general listing for a short period of time to bring such buyers to you. Surely that isn’t too hard if such buyers really do exist. If they manage to sell your house this way, then you would have saved on the marketing and hassle. Win-win!